CANBERRA: Global uncertainty over the European debt crisis has forced Australia to cut its economic growth and revenue forecasts and to outline new spending cuts so the government can honour a promise to return the budget to surplus mid 2013.
Treasurer Wayne Swan said yesterday the government would deliver a small A$1.5bil budget surplus in 2012/13, after a blowout in the current year's budget deficit to A$37.1bil versus the May budget forecast of A$22.6bil.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
